No, I think you'll find that if you read your registration agreement, that is not the case.

I spent about a decade of my life as running the management systems of a domain registrar, with all the fun of dealing with ICANN, the various gTLD and ccTLD registry operators, other registrar, and so on. One of the recurring issues that got registrants into trouble repeatedly was the fact that they didn't understand that they didn't actually own the domain and that the terms of the agreement/contract actually mattered.

It's not just a matter of not paying. You're dealing with a recurring payment for something with a private entity covered by a contract. That is a lease.

Call it a "lease", or call it a "deed".

If you do not pay recurring fees to the relevant administrative body, your operating privileges for the asset are taken away.

"Ownership" may be expected to confer more privileges than a lease, but that's just a matter of traditional terms.

I don't see any meaningful difference.

Well, tell that to your landlord, &c. I'm sure they'd have a different point of view.

I "own" a few real properties, some of which I lease to tenants under fairly traditional terms for real property.

I have the option of changing those terms to give my tenants effectively all ownership privileges except responsibility for some official correspondence with the city, e.g. property taxes.

If I fail to pay quarterly property taxes, the city will have a different opinion about who "owns" the property. They will divest me of all ownership and operating privileges, and I will not be free to offer them to others. My feelings on the matter are irrelevant, because they have guns and prisons.

I "own" several domain names. In fact, I also lease one domain name to a lessor under fairly traditional terms for domain names. I have given the lessor basically full operating rights to the domain, except responsibility for official interactions with the registrar.

If I fail to pay annual domain registration fees, the registrar/foodchain will have a different opinion about who "owns" the domain name. They will divest ... etc, see above. My feelings on the matter are irrelevant, since they have control of the administration of the .com TLD.

Your point, I think, is that you do not "own" a domain name. Because registrar agreements, ICANN oversight, court decisions, obligatory lease payments, etc.

I agree. But you seem to misunderstand how real estate property "ownership" works (in the US). It's not meaningfully different. I might even have more ownership privileges over domain names (I can serve autoplaying videos with loud audio all day long) than I have privileges over my real property (I cannot play loud music without being financially and legally censured).